Overview

Coinmama is a popular financial service company that deals with digital currency and has been in operation since 2013. The platform is located in Slovakia, and it is owned by New Bit Ventures Limited (NBV) whose headquarters is in Israel. It supports a large number of countries with over 226, and it is also available in 23 states in the US. The exchange is centralized, has a large user base and offers the "buy only" service. It does not allow users to sell, pair or trade cryptocurrency and all purchases by customers are credited directly from the company's holding. It stands as the easiest and fastest way to buy digital tokens via debit or credit card.

Coinmama is holding an outstanding rank on their popularity in the Blockchain technology since the last quarter of year 2018. According to Alexa it currently holds the global rank of 50, 958, and it improved more than 19, 000 only for the past three Months and it still ranks up rapidly. Most of their traffic seems to originate in the United States and Japan, but significant numbers also come from India, Israel, and Canada.

Features

Assets available: Coinmama offers the leading cryptocurrencies Bitcoin and Ethereum but has recently expanded and added Cardano, Bitcoin Cash, Ripple, QTUM, Ethereum Classic, and Litecoin. The exchange does not have an inbuilt wallet, and so once you purchase cryptocurrency, it is sent directly to your e-wallet. It does not have a funding or withdrawal option, and when you purchase coins, transfers should be immediate although it is not always so in some cases. The transfer might take longer because the Blockchain and western union or credit card issuer must confirm transaction and payment.

Fees:Coinmama has relatively high fees compared to other exchanges. The platform charges a 5.5% fee per transaction for all digital assets. An additional fee of 5% is charged for credit and debit card transactions. The exchange currently accepts Visa and MasterCard as payment methods, and the additional fee is charged after users choose a payment method. You can also be charged by the financial institution as a cash advance.

Verification and limits: Coinmama is regulated and has limits based on cash purchases, and the limits vary depending on the level of verification. Registration process on the exchange is straightforward, and all you need to do is register with your email and submit the documents needed to prove your identity. The more documents you provide, the more the buying limits. The minimum limit set on the exchange is $60, but the smallest fraction of Bitcoin you can purchase is 0.1. The platform has three verification levels, and level one has a limit of up to $15000 worth of cryptocurrency. It requires a valid Government issued ID for verification. Level 2 increases the purchase limits up to $50000 worth of digital currency. It requires a secondary Identification document as well as either a selfie of the user holding the ID or a utility bill which may include property tax, credit card statements and bank statements. The last level requires personally contacting Coinmama customer support and filling out a form. It is the highest form of verification and allows users to purchase up to 1 million USD worth of digital currency.

Security: Coinmama is a secure platform and has not experienced any breach to date. The exchange is registered with Financial Crimes Enforcement Network (FinCEN) as a money service business in the US. FinCEN is responsible for investigating tax evasion, money laundering, fraud, and other financial crimes. The exchange also utilizes Comodo and trust guard which have SSL encryption that protects against loss or breach of sensitive information. The platform does not offer a wallet hence the control of private keys lies with the users making it more secure.

Customer support: Coinmama offers several support options to users if you have a problem. The customer support team on Coinmama is not available 24/7, and you can reach them during business hours which is listed on their site. It has an FAQ page with its answers, and you can also contact them via email. The platform's response time is usually within 24 hours but may be longer during public holidays and over the weekends. Lastly, the platform provides support through social media and are very active on Facebook.

How to Buy

Buying crypto-currency using Coinmama will only take three simple steps.

Step 1: Register and Verify your Email Address: You will need a valid email address and password, and fill out the registration form on the Coinmama’s homepage or you can click this link: www.coinmama.com. Once registered and verified the verification email from Coinmama’s, you can now proceed to the second step.

Step 2: Submit Required Info and Proof of ID: Go to “My account” and click on the “Verify your account” tab. You will need to complete your private information and provide your preferred contact number or phone number. You are also asked to provide a valid ID such as driving license, national ID card, or even a passport are accepted. Please upload pictures of the front and back of the ID’s that you provided.

Step 3: Purchase Your Crypto-currency: One you completed the 1st and 2nd steps, you can now start buying your Bitcoin and Ethereum by going to the “Buy Bitcoin/Ethereum” tab. You will need to select the amount you preferred to purchase and don’t forget to provide your wallet’s address. After you’ve done with your payment details and they accepted – your crypto-currency will be sent automatically to the specified wallet address you’ve provided.

Conclusion

Coinmama offers numerous advantages and has a good reputation. It may lack several features that other exchanges have but the features it does offer is done so fast and efficiently. It has high buying limits, it is available worldwide, and it is easily accessible. Coinmama is a big advocate for personal wallets and not holding currency on exchanges which is very important for security. The platform needs to work on adding features like a mobile app and additional payment options to cater for the every expanding cryptosphere.